Northbrook, IL 60062 -- (SBWIRE) -- 07/14/2023 -- Life Science Instrumentation Market in terms of revenue was estimated to be worth $54.9 billion in 2023 and is poised to reach $73.9 billion by 2028, growing at a CAGR of 6.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include growing food safety concerns, rising investments in pharmaceutical R&D, increasing public-private investments, and lucrative opportunities in emerging markets.

The life science instrumentation industry is poised for significant growth and advancement in the near future. With rapid advancements in technology, increased demand for precision and accuracy in research and diagnostics, and a growing focus on personalized medicine, the industry is expected to witness remarkable developments. Cutting-edge technologies such as next-generation sequencing, high-throughput screening, mass spectrometry, and advanced imaging systems will drive the innovation and expansion of life science instrumentation. These instruments will enable researchers and healthcare professionals to delve deeper into the understanding of complex biological processes, develop novel therapies, and make more informed clinical decisions. Additionally, the integration of artificial intelligence, machine learning, and data analytics will enhance the capabilities of life science instruments, allowing for faster data analysis, improved efficiency, and the discovery of valuable insights. The industry's future holds the promise of ground-breaking discoveries, improved healthcare outcomes, and the advancement of life sciences as a whole.

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Driver: Increasing investments in pharmaceutical R&D

The pharmaceutical industry focuses and invests in research to manufacture protein-related products. Drug development and manufacturing involve different types of analytical instruments. Analytical instruments evaluate drug molecules, protein analysis and purification, and quality control. Protein identification and separation is an important step in drug manufacturing. Technologically advanced equipment helps understand the characterization of a molecule and ensure its safety and purity. In recent years, emerging markets have also witnessed a significant increase in foreign direct investment and government investments in pharmaceutical R&D. Thus, increasing R&D spending in the life sciences, pharmaceutical, and biotechnology sectors will likely increase the application usage of life science instruments.

Restraint: High equipment costs

Recent technological advancements and newly added features have increased the cost of life science instruments. There is a consistent rise in the cost of these systems with the introduction of automation with the help of AI. The new state-of-the-art equipment consumes less time and provides users with accurate results but is often costly. In addition, there are recurrent expenses in the form of maintenance costs, which ultimately drive up the overall cost of ownership. Small-scale users such as academic and research institutes, diagnostic laboratories, and small and medium-sized pharma-biopharma companies find it difficult to afford such equipment due to restricted budgets. This high cost has left users reliant on government and private research funding, which restricts market growth to a certain extent.

Key Market Players:

As of 2022, prominent players in the life science instrumentation market are Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Agilent Technologies, Inc. (US), Waters Corporation (US), and Shimadzu Corporation (Japan)

Life Science Instrumentation Market Dynamics:

Drivers:

1. Increasing investments in pharmaceutical R&D
2. Growing food safety concerns
3. Increasing public–private investments in life science research
4. Rising incidence of target infectious diseases and genetic disorders
5. Advancements in NGS platforms
6. Declining costs of genome sequencing
7. Growing use of capillary electrophoresis with mass spectroscopy
8. Growing adoption of flow cytometry techniques in research and academia
9. Rising incidence of hospital-acquired infections
10. Increasing outsourcing of sterilization services

Restraints:

1. High cost of instruments
2. Dearth of skilled professionals
3. Technical limitations associated with qPCR and dPCR techniques
4. High cost of advanced microscopes

Opportunities:

1. Growth opportunities in emerging countries
- Growing demand for analytical instruments and focus of key market players on emerging countries
- Growth of the pharmaceutical and biotechnology industries

2. Application of NGS in precision medicine and molecular diagnostics
3. Widening application scope of analytical instruments
4. Increased demand for personalized medicine

Challenges:

1. Inadequate infrastructure for research in emerging countries
2. Ethical issues regarding the privacy of generated data from instrument software
3. Pricing pressure faced by prominent players in emerging markets

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Spectroscopy segment to register significant growth rate over the forecast period of 2023-2028

Based on the technology, the global life science instrumentation market is segmented into spectroscopy chromatography, Polymerase Chain Reaction (PCR), immunoassays, lyophilization, liquid handling systems, clinical chemistry analyzers, microscopy, flow cytometry, Next-Generation Sequencing (NGS), centrifuges, electrophoresis, cell counting, and other technologies. The NGS segment is anticipated to register the highest growth rate over the forecast period. The spectroscopy segment accounted for the highest share of the life science instrumentation market in 2022.

Research applications segment accounted for the largest share of the life science instrumentation market, by application in 2022.

Based on application, the global life science instrumentation market is segmented into research applications, clinical & diagnostic applications, and other applications. Research applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of infectious diseases, the growing use of novel analytical techniques, and the launch of advanced instruments drive the growth of life science instruments.

The pharmaceutical & biotechnology companies segment accounted for the largest share of the life science instrumentation market, by end user, in 2022

Based on end user, the global life science instrumentation market is segmented into hospitals and diagnostic laboratories, pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, environmental testing laboratories, clinical research organizations, and other end users. The pharmaceutical & biotechnology companies segment accounted for the largest share of the market in 2022. Factors such as rising healthcare expenditure and consistent increases in the adoption of advanced instruments by different end users are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific life science instrumentation market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of analytical instruments, offering significant growth opportunities for the key players.

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Recent Developments:

- In 2023, Thermo Fisher Scientific introduced a new trace elemental analyzer. The Thermo Scientific iCAP RQplus ICP-MS Analyzer can be used in the pharmaceutical, food, and environmental sectors. It can be used for different sample types and trace elements at low concentrations.

- In 2021, AB SCIEX (a subsidiary of Danaher Corporation) launched a new capillary electrophoresis solution, the BioPhase 8800 system. It can process eight samples simultaneously and delivers consistent and accurate results

- In 2022, Agilent Technologies, Inc. launched GC/MS and LC/MS quadrupole mass spectrometers. These products simplify lab operations and address the key challenges faced by customers.

- In 2023, Waters Corporation announced the release of the Alliance iS HPLC System. This system is easy to use, eliminates common errors and makes precise measurements.

- In 2023, Shimadzu Corporation launched a Nexera UC. It is a superficial fluid extraction/chromatograph system with higher detection capabilities and improved separation.